Close & reporting
IFRS conversion
Books moved off cash-basis records or a legacy framework onto SOCPA-endorsed IFRS, or converted between a foreign parent's home standard and IFRS, for companies operating in Saudi Arabia that need one clean set of numbers a lender, auditor or overseas parent can rely on.
Management report
Illustrative client · August 2026
SAR
| Line | Aug | Jul | |
|---|---|---|---|
| Revenue | 142,380 | 131,904 | +10,476 |
| Cost of sales | (51,260) | (48,115) | (3,145) |
| Gross profit | 91,120 | 83,789 | +7,331 |
| Payroll | (46,300) | (45,900) | (400) |
| SoftwareNoted | (6,480) | (5,490) | (990) |
| Rent | (8,000) | (8,000) | 0 |
| Other operating | (9,215) | (9,870) | +655 |
| Net income | 21,125 | 14,529 | +6,596 |
Reviewer's note
Software is up on last month after two seats were added mid-month. Revenue includes one milestone invoice that will not repeat next month.
Illustrative. An example of the document, not a client's figures.
Why a conversion still comes up in a Kingdom that already uses IFRS
SOCPA endorsed IFRS as the reporting basis for companies in Saudi Arabia some years ago, replacing the older Saudi GAAP framework. A conversion still comes up in two common cases: a business that has been running informal cash-basis records since it was small and is now growing past that, or a MISA-licensed subsidiary whose overseas parent reports under a different standard entirely.
What's involved
- Opening balance sheet built on a SOCPA-endorsed IFRS accrual basis
- Revenue, expense and balance sheet adjustments documented line by line
- Accrual, deferral and reserve entries recorded going forward
- A conversion memo explaining every adjustment made
When this comes up
A lender, an investor or an acquirer will often require accrual financials before relying on a company's numbers, and a SOCPA-licensed auditor needs an IFRS-basis file before an audit engagement can even start. Waiting until an audit or a funding round is already scheduled leaves too little time to do the conversion calmly.
Where this stops
We prepare the converted books and the supporting memo. Any formal attest work on those numbers sits with a SOCPA-licensed auditor engaged separately, never with Finbryn.
Delivery
Delivered alongside the accounting file that already holds your business's records. Every deliverable is reviewed by a senior reviewer and a corporate CFO before it reaches you.
Questions
Frequently asked questions: IFRS conversion
Why would a small Saudi business need IFRS books if cash basis is simpler?
A lender, an investor, an acquirer or a SOCPA-licensed auditor will typically require accrual financials on an IFRS basis before relying on the numbers.
Does converting to IFRS mean giving up a cash-basis view entirely?
No. Many businesses keep an informal cash-basis view for day-to-day cash management while their reported books run on SOCPA-endorsed IFRS.
Do you sign off on the conversion as an auditor would?
No. We prepare the converted books and the conversion memo; any attest or audit work sits with a SOCPA-licensed auditor you appoint separately.
Why would a US business need IFRS books?
Usually because a foreign parent, investor or lender outside the United States requires IFRS reporting, or the business is preparing for a cross-border transaction.
Do you sign off on the IFRS conversion as an auditor would?
No. We prepare the converted books and the supporting memo; any attest or audit work sits with a qualified audit firm.
What software works with iFRS conversion?
IFRS conversion runs inside NetSuite or Sage Intacct, whichever you already use. If you are not yet set up in either, we can configure a file in your name so you keep ownership of it once the engagement is under way.
How do we get started with iFRS conversion?
Getting started with iFRS conversion begins with a short review of your current records and software access. Once that is done we confirm scope and timing in writing, and ongoing work begins on the schedule agreed with you.
Related services
- Close & reportingUS GAAP conversionBooks moved from cash basis or another framework onto US GAAP accrual accounting, with every adjustment documented so a lender, investor or auditor can follow the trail.
- Close & reportingConsolidationsMultiple entities, locations or subsidiaries combined into one consolidated set of financials, with intercompany balances eliminated while each entity still reports on its own.
Industries
Next step
Talk to the team that would run your books
A short call covers your setup, your software and what a first month would look like. You get a written scope and price after it.